More oil-price cuts?
Abu Dhabi, United Arab Emirates — Kuwait's oil minister, Ali Khalifa al-Sabah, Wednesday warned of further declines in oil prices if the Organization of Petroleum Exporting Countries fails to agree on a plan to enforce its price and production quotas.
The warning came on the eve of the resumption of the regular year-end meeting of OPEC, which was recessed in Geneva last Friday to allow oil ministers to consult their heads of state about the enforcement proposal.
In an interview, Ali also warned Norway and Britain, which are not OPEC members, against further reductions in their oil prices. Such price-cutting, he said, would lead to consequences which the two North Sea oil producers ''would not be able to bear.''